Daily Forecast – Share Market – July 24th, 2024
Nifty may test 24400 | Stoploss at 24375 | Avoid traps
Moon with Saturn (Rx) is leading the day, well supported by Sun, Jupiter, Mercury, Rahu and Ketu. The market may show buying at lower levels, but it will be better to avoid fresh entry for a while, may be for the end of this week.
Allow the market to settle down, if market shows any deep dip in the coming weeks, then new entries will be better.
IT and FMCG may remain better, possibly buy on dips will be better, because some movements in coming period is possible. PSUs may show some movements, better to enjoy advantage for a while. Avoid costly (value wise) PSUs, otherwise this may show bitter movement.
Banks and financial institutions have to move but I shall be careful because in the coming months we may see some news which may give impact on certain banks.
Crude oil may further indicate bit pressure on its prices. This should give advantage to the oil marketing companies, because consumers may not be getting the advantage of the same.
Pressure on upper levels possible. Nifty may test 24400. It will be better to trade with strict stoploss. Give time to the market for digesting the details of budget. Astrologically, some pressure will not be a surprise. Monthly expiry ahead.
Trade with the wind, avoid fresh buying for a while. Big sharks are waiting for hunting or their food. Be careful, avoid traps.
Indian Currency
Indian Rupee may trade in between 83.40 to 83.90 per USD.
** Before investing or trading please check technical aspects also, it’s a reading based on planetary movements.
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